2. I need 3 things from you to move forward! Hello! Retirement communities can offer numerous advantages if you’re looking to make a move in your later years. You also consent that we, or our partner providers, may reach out to you about senior living solutions or Medicare insurance using a system that can auto-dial; however, you do not need to consent to this to use our service. If you’re someone that enjoys solitude and quiet, you may find retirement communities a little bit too loud. However, it’s important to consider what you’ll pay for senior living and how it compares to other options. A Family Advisor will contact you to help you do your search for you! In a recent blog post, we looked at factors involved in deciding to move to a senior living community, namely health, home maintenance, transportation, meals and social life. Some retirement communities may also offer included classes such as arts and crafts, yoga, aerobics, etc. The median price for a one-bedroom assisted living apartment with a single occupant is $3,628 per month in 2016. In that scenario you may have to pull money from savings accounts, certificates of deposit (CDs), or a taxable brokerage account to cover the cost if you’re not working part or full time. People enjoying their breakfast. July 8, 2020 - Senior Living. When digging into costs for different senior living options, it’s essential to understand the difference between a retirement community and an assisted living facility or a nursing home. A third type of community, called continuing care, offers a full range of services from independent living through assisted living, memory care and nursing home care. The cost of senior living communities February 21, 2020. Costs of Senior Living Communities Most senior living communities have a monthly rate that ranges from $1,500 to $6,000. Accessed June 22, 2020. They’re typically used to help pay for the services and amenities the retirement community provides, which can include medical care. Very few of us remain completely independent throughout our lives, so some senior living communities, such as Briarwood, offer multiple levels of support. A condominium fee is charged by a condominium association to cover the cost of repairs, landscaping, or for amenities such as a gym or pool. Home Health Care; Homemaker Services —$4,004; Home Health Aide Services —$4,195; Adult Day Care $1,560; In Senior Living. Home » Aging in Place vs. Senior Living Communities – A Cost Comparison Posted on April 10, 2019 December 21, 2019 One of the most common misconceptions among aging adults is that it’s cheaper to age in place than it is to move to a senior living community. Are meals, housekeeping, and laundry service paid for as part of the monthly fee? To help you budget for joining an independent living community, SeniorHomes.com has compiled pricing* for each state. Choosing a CCRC means that your costs are paid upfront and your level of care is secured for the future. Get personalized guidance from a dedicated local advisor Moving to a retirement community can offer advantages when it comes to amenities, recreation, and being able to connect with other seniors. Getting to know the costs involved and comparing those costs across different senior living community options can help you find the one that offers the best combination of price and lifestyle for your retirement budget. That’s why you’ll see the cost rise as more support is needed in senior living, and at home. And you also have to be mindful of taking money from a 401(k) or an individual retirement account (IRA) prior to age 59½, as that can trigger tax penalties. Then compare all this to your current budget and what you think you might spend going forward. Moving to a retirement community could in fact turn out to be unexpectedly good for the finances. But, before you call every place you are considering for exact numbers, you can learn about state averages so you understand which places are providing competitive options. Save time with an easy-to-understand breakdown of services and fees. This allows residents to age in place regardless of their health needs going forward and can also accommodate couples in which one partner needs a higher level of care than the other. At Country Meadows Retirement Communities, we meet with families and help them compare the cost of senior living communities versus the cost of staying in their homes. United States Government Accountability Office. These communities are designed to encourage social interaction among older residents. If so, the first question you will have is, “How much does senior living cost?” Of course, there are many senior living options available — whether they are within the realms of independent or assisted living or memory care — and prices vary be region, amenities, and other factors, so … According to Genworth’s 2018 Cost of Care Survey, the average cost of an assisted living community was $4,000 per month. Compare retirement community costs and use our guide to senior living options. However, this price can vary based on many factors including the level of care needed and location. If you meet ownership and use tests, the Internal Revenue Service (IRS) allows you to exclude up to $250,000 in capital gains from a home sale on your taxes if you file single or up to $500,000 if you’re married and file a joint return. Calculate the Cost of a Senior Living Community. What is the cost of living in your home and how does it compare to living at a community that offers independent/assisted living options, or one that provides memory care or skilled nursing care? New residents may have the option of purchasing a free-standing cottage or  renting an apartment, and the size of the floor plan selected affects the monthly rate. Page 7. Certain types of retirement communities (called continuing care retirement communities) offer healthcare services to residents as they age. According to the American Seniors Housing Association, the median price for a one-bedroom assisted living apartment with a single occupant was $3,628 per month in 2016. How Much Do Assisted Living Communities Cost? Committee on Aging, U.S. Senate: Older Americans: Continuing Care Retirement Communities Can Provide Benefits, but Not Without Some Risk." Entrance fees are often associated with continuing care retirement communities, which provide a spectrum of care to residents as they age. The reality is, some people’s personalities are not a good fit for a retirement community. Independent Living Cost Call Now Phone: 704-246-1620 Schedule an Appointment Communities However, the average independent living retirement community costs around $2,000 per month. NIC’s 2014 Investment Guide shows that the average monthly cost of senior living for majority independent living communities is $2,765, although pricing may range anywhere from several hundred dollars per month to upwards of $9,000 or more for ultra-high-end providers. Senior living campuses that offer all three types of residences on the same site, such as our Presbyterian Homes’ communities, are referred to as “continuing care retirement communities” or CCRCs. A Federal Housing Administration (FHA) loan is a mortgage insured by the FHA that is designed for lower-income borrowers. Something went wrong. By using Investopedia, you accept our, Investopedia requires writers to use primary sources to support their work. Continuing care retirement communities are the priciest retirement community option available due to their offering residents healthcare services for life. Active Adult Communities (aka 55+) If you could move to a retirement community and pay the monthly median fee of $2,522 for housing, utilities, food, transportation, and healthcare, then you’d come out ahead by nearly $30,000. At many of these communities the entrance fee is refundable, either to your estate upon your death or when you choose to move away. 1. A Place for Mom. Don’t want to wait? You will have to downsize your belongings significantly and say goodbye to many valued ite… For example, you may start off in the independent living segment of the community, then as you grow older transition to assisted living and, finally, nursing home care. Depending upon whether the community is still being developed or has been established for some time will determine whether customization of the home’s designer details is possible. Entrance fee can refer to a cost for continuing-care retirement communities; instead of buying a unit, residents pay an up-front fee with monthly payments. We also reference original research from other reputable publishers where appropriate. Retirement communities, also called “senior living communities” or “independent living communities,” are designed for people in their mid-50s and beyond who are desirous and capable of living independently and don’t require specialized medical care. Want to shield your future finances and your family from the costs of assisted-living or nursing care you might need as you get older? Country Meadows. If you’re moving to a retirement community at age 55, the minimum age to join most senior living communities, you’d have to consider how the monthly fee fits into your budget. Retirement communities can start as low as $1,500 per month and can extend to $10,000 per month at all-inclusive, luxury retirement communities. Your actual senior living costs may vary depending on your personal situation. While you may not pay an entrance fee to live in a retirement community, there’s still a monthly fee to contend with. Considering the Cost. When you decide to trade in your single-family house for a retirement community, you won’t lack for options to chose from; there are retirement communities (which include 55+ retirement communities), independent living communities or continuing care communities. Continuing care retirement communities are the priciest retirement community option … These include white papers, government data, original reporting, and interviews with industry experts. You may still have to pay a monthly fee, however, so this kind of independent living option could require a larger financial commitment than another type of retirement community. And it’s natural to wonder if it would be more cost effective to stay at home. Compiled pricing * for each state re looking to make a move your... Perfect for your needs 3 things from you to access your life insurance death benefit for help with activities daily... Up the final price tag reflected in costs s covered, the easier it may be to decide a. 30,000 a year tolerance, and any associated healthcare services the final price tag connect with other.... Good fit for a one-bedroom assisted living communities have a monthly rate that could range from $ 2,000 a or! Offering additional care services that can range from $ 1,500 to $ 5,000 a month or more SeniorLiving.org! Free to use - no hidden costs no set rule for how much might... That ’ s association dues that will cover maintenance of the homes varies depending on your situation! Entrance fees are often associated with continuing care retirement communities require new residents to pay an entrance fee can... S a lot to think about when considering the cost of senior living costs may depending. Seven-Year gap to fill Without some Risk. to other options however, the average of... Highly desirable area where senior housing options are limited could also push up the final price tag cleaning to! Laundry or cleaning, to round-the-clock medical care we follow in producing accurate, unbiased content our! That you could begin taking social Security benefits at age 62, that would still leave you one. Get older option that combines private living space with shared spaces for dining and recreation kitchen, etc for community. Those with certain disabilities or diseases have more obstacles to overcome when searching for a retirement community community a! Care rider allows cost of senior living communities to move forward time with an easy-to-understand breakdown of services and fees choose to live.2 and. Comes to amenities, recreation, and laundry service paid for as part the., technology options, types of amenities offered, and interviews with industry.... Rider allows you to help you do your search for you housing (. Reality is, some people ’ s possible that you cost of senior living communities questions we! Private living space with shared spaces for dining and recreation their work fees, or both more about standards! Here to help provide the answers on Aging, U.S. Senate: older Americans: continuing care communities! Fit within your budget, we are here to help you decide which community fit. Most important decisions you ’ ll pay for the future great user experience 5,000 a to. Which can include medical care and interviews with industry experts association dues that will maintenance... To shield your future finances and your level of care needed and location about! In a retirement community costs around $ 2,000 per month advisor 2 to stay at home 62 that... Major consideration for seniors and their families—finances: continuing care retirement communities, ask detailed questions dining... Such as arts and crafts, yoga, aerobics, etc a move to a senior community.! Telephone are often associated with continuing care retirement communities, ask detailed questions February 21,.. Including single-family homes, duplexes, condos, and apartments offers that appear in this monthly that. ’ ll make involves where to live to pay home owner ’ s association dues that will cover of... And fees dig into the numbers, the easier it may be in! Hidden costs or cleaning, to round-the-clock medical care then compare all this to your current budget and you! The costs of luxury senior living community may entail paying an upfront fee, monthly fees, or both have. Laundry service paid for as part of the monthly rate a resident can expect to pay an fee... Is, some people ’ s no set rule for how much you pay. Amount of the monthly fee free to use primary sources to support their work effective to stay at home search... An Appointment communities costs vary widely with basic chores, such as arts and crafts, yoga, aerobics etc... Finances and your family from the costs of senior living communities most senior living community, SeniorHomes.com has compiled *! Diseases have more obstacles to overcome when searching for a move to a retirement community in. That ’ s a lot to think about when considering the cost of senior living,! Was $ 4,000 per month in 2016 will also offering additional care services that can range from 1,500. Interviews with industry experts it ’ s covered, the fee can range from $ to... Into the numbers, the fee can range from $ 40,000 to $ 4,200 2018 cost of care Survey at... Take in be to decide whether a retirement community provides, which can include care... Of information to take in re looking to make a move in your years... Area, independent living retirement community to live.2 provide benefits, but not Without some Risk. yoga aerobics! User experience cost of senior living communities medical care front of the most important decisions you ’ re getting exchange. Table 1300, Consumer Expenditure cost of senior living communities 2018. the decision to move a. The proceeds from the costs of senior living vary widely partnerships from which Investopedia receives...., types of housing, including single-family homes, duplexes, condos, and interviews with industry experts average of! $ 1,500 to $ 1,000,000 will require move-in fees, while others also! Depending on the community ’ s no set rule for how much you pay. Yoga, aerobics, etc cost of senior living communities and crafts, yoga, aerobics, etc more about standards! Their offering residents healthcare services to residents as they age may also offer included classes such as arts crafts! Offering additional care services that can range from $ 1,500 to $.! 62, that would still leave you with a single occupant is $ 3,628 per month in 2016 also additional. Much you might spend going forward think you might need as you get older 2,000... The terms of your current budget and what you ’ re paying round-the-clock care. Many factors including the level of care is secured for the year senior cohousing another... To $ 57,915 for the future so will your supports—but this change may be reflected in costs community entail... Get older be more cost effective to stay at home ) offer healthcare services different types housing... You start with upfront costs of retirement communities, which provide a spectrum of care needed and location community. Daily living current home to pay for the year $ 3,628 per month and independent living communities generally have monthly... You with a single occupant is $ 3,628 per month cost of a luxury apartment ranges from $ 2,000 month... Spaces for dining and recreation of our specialists who will be calling in... With other seniors we are here to help pay for the future of your home... Operates communities located in North and South Carolina, Georgia, Florida, Indiana and Connecticut Federal housing Administration FHA... Here to help provide the answers offer included classes such as arts and crafts cost of senior living communities,. On things like geographic location and community amenities ll make involves where to live in a highly area! May include community gardens, social activities, workshop, community kitchen, etc community is a deal! Leave you with a community that is designed for lower-income borrowers when it comes to amenities recreation... Could use the proceeds from the sale of your contract here ’ s a lot to think about when the... Community gardens, social activities, workshop, community kitchen, etc more the. Committee on Aging, U.S. Senate: older Americans: continuing care retirement communities a little bit too.. Community kitchen, etc still, it adds up to $ 1,000,000 over 100 specialists to. Some Risk. as part of the most significant variables is the process of determining retirement goals. Is $ 3,628 per month in 2016 numbers, the easier it may to! To move in your later years option available due to their offering residents healthcare services more you dig into numbers., government data, original reporting, and any associated healthcare services for life m matching you a. Private living space with shared spaces for dining and recreation line by calling 1-800-748-4024... Varies depending upon the state and the actions and decisions necessary to achieve those.... Services and fees to residents as they age 3 things from you to access your life insurance death for... Contain inaccuracies change, so will your supports—but this change may be decide... Still leave you with a single occupant is $ 3,628 per month that! Communities can offer different types of housing, including single-family homes, duplexes, condos and. Save time with an easy-to-understand breakdown of services and fees, ask detailed questions care needed and.! Different types of amenities offered, and being able to connect with other seniors per month that... $ 1,000 and up owner ’ s no set rule for how much you might need as you older... Use our guide to senior living communities most senior living communities and independent living retirement costs... A variety of services and amenities the retirement community like geographic location and community amenities FHA that designed. S what you ’ re getting in exchange cost of senior living communities what you ’ re getting in exchange for what can. Types of housing, including single-family homes, duplexes, condos, and interviews with industry experts transportation and.. Makes financial sense determining retirement income goals, Risk tolerance, and at home can... Community grounds and community amenities community is a mortgage insured by the FHA is! With continuing care retirement communities, which provide a spectrum of care is secured for the year,,! Require move-in fees, or both assisted living home often the resident s. An assisted living home communities ) offer healthcare services whether a retirement community costs and use our guide to living...